The British North Sea is one of the world's oldest offshore oil and gas basins where production has been in steady decline since the early 2000s. At the same time…
The British North Sea is one of the world's oldest offshore oil and gas basins where production has been in steady decline since the early 2000s. At the same time, the region has become one of the world's largest and fastest growing offshore wind basins.
U.S. President-elect Donald Trump called to "open up" the British North Sea and get rid of what he called windmills in a post on his social media platform Truth Social on Friday.
Below are some facts about the North Sea:
- OIL AND GAS PRODUCTION
Exploration for oil and gas in the North Sea started in the 1960s and commercial production started in 1975. The basin reached peak output of 4.4 million barrels of oil equivalent per day (boed) at the start of the millennium.
Production has since declined as reservoirs depleted, reaching around 1 million boed in 2024, according to the North Sea Transition Authority (NSTA) regulator.
It said output is set to fall to around 660,000 boed by 2029.
- TAXATION
In October, the British government increased a windfall tax on North Sea oil and gas producers to 38% from 35%, bringing the headline tax rate on the sector to 78%, among the
Content Original Link:
" target="_blank">
